Energy Management - Jamaica

Jamaica

The Energy Management market in Jamaica is set to achieve a significant milestone, with projected revenue reaching US$499.9k in 2024.
This represents a promising outlook for the country's energy management market.
Furthermore, experts anticipate a steady annual growth rate (CAGR 2024-2028) of 5.43%, culminating in a projected market volume of US$617.7k by 2028.
As the market expands, the number of active households engaged in energy management is expected to surge to 33.0k users by 2028.
This rise in household participation reflects the growing awareness and adoption of energy management practices among Jamaican residents.
Household penetration, which currently stands at 2.0% in 2024, is projected to increase significantly to 3.3% by 2028.
In terms of revenue per installed Smart_Home, the average is expected to reach US$26.25.
This figure highlights the value and potential profitability of implementing energy management solutions Jamaican households.
When comparing global markets, it is noteworthy that in the United States leads the way in revenue generation.
In 2024 alone, in the United States is expected to generate an impressive US$3,023.0m in revenue within the Energy Management market.
This statistic further emphasizes the significance of the industry in the global landscape.
Jamaica is embracing renewable energy sources to address energy management challenges and reduce dependence on imported fossil fuels.

Key regions: Japan, United Kingdom, South Korea, Asia, United States

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Analyst Opinion

The segment Energy Management covers the sale of products and services for the control and reduction of energy consumption. For many consumers saving money is one of the main arguments for buying smart home solutions. The main product category are smart thermostats in combination with AC and radiator controls build by Google Nest, Bosch, Hive, Honeywell or Samsung. Moderately rising energy prices and a decentralized energy provision are still the main global drivers. While the first smart homes were high-value mansions, new plug-and-play solutions drive prices down and thus open the market for middle class households. While smart homes now focus on preserving energy, we can also expect a shift towards energy storage and production.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of smart home products, excluding taxes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use the Statista Global Consumer Survey, market data from independent databases and third-party sources, and Statista interviews with market experts. In addition, we use relevant key market indicators and data from country-specific associations, such as household internet penetration and consumer spending for households. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP/capita, level of digitization, and consumer attitudes toward smart home integration.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year in case market dynamics change.